Chinese developer agrees to build major resort complex in S. Korea

Lim Chang-won Reporter Posted : 2018-02-12 17:21 Updated : 2018-02-13 15:44
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[Courtesy of IFEZ]


SEOUL, Feb. 12 (Aju News) -- The developer of a free economic zone near Incheon International Airport, South Korea's main gateway west of Seoul, has hammered out a deal with China's real estate and property developer LongRunn International Group on building a major resort complex.

Under the deal with Incheon Development & Transformation Corp., signed in Singapore, LongRunn agreed to purchase a space of 76,000 square meters in the Midan district of Yeongjong Island for 87.1 billion won (80.3 million US dollars), according to Incheon Free Economic Zone (IFEZ) authorities.

In a wide area of reclaimed land in and around Yeongjong Island, South Korea has envisaged an ambitious blueprint to create Midan City, a free city combined with residence, commerce, business, education, culture, tourism and leisure together with the aim of "Beyond Hong Kong". But negotiations with foreign investors have been delayed for financial and other reasons.

Finally, LongRunn agreed to inject money into the proposed construction of a resort complex called "LongRunn Diamond City" in Midan that requires a total investment of four trillion won. The Chinese company agreed to make an initial investment of one trillion won.

In a statement, Kim Jin-yong, commissioner of the Incheon Free Economic Zone, said that the contract with LongRunn would help Yeongjong Island speed up the construction of an integrated resort complex capable of matching Las Vegas and Macau.

Paradise City, a sumptuous casino and hotel complex, is still under construction after it opened its foreigner-only hotel-casino in April last year.